American Lithium purchases Tonopah Li project

Sep 25, 2018

2018-09-24 11:42 ET – News Release

Mr. Michael Kobler reports

AMERICAN LITHIUM SEES 1,690 PPM SAMPLE GRADES AT NEW TONOPAH CLAYSTONE CLAIMS (TLC)

American Lithium Corp. has purchased its second sedimentary lithium project, the Tonopah lithium claims (TLC project). Purchased from Nevada Alaska Mining Co., the TLC project consists of 75 lode claims covering 1,550 acres (625 hectares), located northeast of Tonopah, Nev., hosting high-grade lithium in claystones.

During 2018, 37 different outcrop locations on the property were sampled and assayed with lithium grades ranging from 120 parts per million (ppm) to 1,690 ppm. The average grade of the lithium in surface outcrop is 766 ppm Li. American Lithium consultants visited the project and noted highly anomalous lithium grades in clay across the project. On the basis of NAM’s sampling and field review by the company’s geologists, the claystone beds are generally shallow dipping and suggest widespread consistent mineralization and thickness throughout the sampling locations. Continuing work is being completed to validate these assays and field relationships.

The TLC claystone target is a near-surface, relatively flat-laying, free-digging lithium target which is easily accessible and only 12 miles from the mining centre of Tonopah, Nev. In addition, it is just south of the Crescent Dunes Solar Energy plant, the cheapest source of electricity in Nevada.

Chief executive officer Mike Kobler states: “The TLC purchase is an excellent opportunity to expand our lithium portfolio in Nevada and came about as result of our multiyear working relationship with Nevada Alaska Mining and our focus on lithium claystones. During my initial project visit, I was impressed by its proximity to infrastructure, its ease of exploration and its ability to advance to resource with minimal expenditures.”

Terms of the purchase:

Payments of $50,000 (U.S.) on signing (already paid) and $50,000 (U.S.) within 90 days;
Issue of 250,000 common shares of American Lithium;
If company calculates a mineral resource on the project exceeding 500,000 tons of lithium carbonate equivalent (LCE) in all reserve categories, the company will issue a bonus payment of 250,000 shares to the royalty holder and 250,000 shares on calculation of a cumulative 1.5 million tons of LCE on the project;
The claims are subject to an overriding 2.5-per-cent gross royalty, of which 1.25 per cent can be purchased within three years for $1-million.

NAM samples were delivered to and assayed by ALS Minerals in Reno, Nev., utilizing an ME-ICP41 (ICP-OES) analysis package. The technical information within this news release has been reviewed and approved by Michael Collins, PGeo, a consultant to the company and a qualified person under National Instrument 43-101.

About American Lithium Corp.

American Lithium is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. American Lithium holds options to acquire Nevada lithium brine claims of over 22,000 acres (8,900 hectares) in Fish Lake Valley, Esmeralda county. The company’s Fish Lake Valley lithium brine properties are located approximately 38 kilometres from Albemarle’s Silver Peak, the largest lithium operation in the United States. The company’s lithium claystone assets are juxtaposed to Global Geosciences’ Rhyolite Ridge project.

We seek Safe Harbor.

https://www.americanlithiumcorp.com/news/